Vietnam-EU FTA brings about mutual benefit

A seminar was held in Hanoi on July 8 to discuss issues relating to the Vietnam-EU Free Trade Agreement (FTA).

The event, co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the European Chamber of Commerce in Vietnam (EuroCham), aims to provide businesses and associations with updated information on the FTA and its effectiveness.

Addressing the seminar, EuroCham Deputy Chairman Tomaso Andreatta, emphasized that the EU is currently one of Vietnam’s most important partners. The country exported US$14.9 million worth of goods to the EU in 2010, accounting for 16 percent of its total GDP. The Vietnam-EU FTA will bring about benefit for both sides, he said.

Juan-Jose Almagro Herrador, an economics and politics advisor of the European Commission (EC) in Vietnam, said that the EU tariff will be lowered, especially in key sectors such as textiles, seafood and footwear. Vietnam’s tariff will also decrease so that the country can import goods from the EU market at lower prices. The import of EU’s high-quality services will help the local economy sharpen its competitive edge in a long term, he stated.

In addition, he said, joining FTA will increase EU’s investment in Vietnam and help the country raise its profile in the international arena.

Dr. Dinh Thi My Loan, Deputy Chairwoman and Secretary General of the Vietnam Retailers Association, stressed that Vietnam’s participation in the FTA has shown its strong commitments to open the domestic market. However, she said, Vietnamese retailers are facing challenges in moving towards a modern and high effective distribution network.

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